Amazon stocks dropped 12% this week, marking their worst week since December 21, 2018, when they fell 13.4%. The market indexes including Nasdaq Composite, S&P 500 and Dow Jones Industrial Average declined 1.9%, 1.3%, and 1.3%, respectively.
This week’s losses are due to huge pressure from the technology market sell-off. Markets declined on Friday as investors worried about higher interest rates as well as some company earnings reports.
With the Federal Reserve increasing interest rates frequently in 2021 to deal with rising inflation, many investors are troubled. Additionally, on Thursday, Netflix announced a distressingly weak subscriber prospect, and its shares dropped nearly 22% the next day.
Netflix will be the first major technology company to publish earnings report in this season. Companies like Apple, Microsoft and Tesla will release their financial reports this week. Amazon’s report is for the fourth quarter, February 3.